IT Services Market Research Report

 

Growth opportunities in the IT services market look promising over the next six years. This is mainly due to the players' strategic initiatives throughout the world and the increasing dependency on infrastructure activities and cloud computing.

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IT Services Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The growing reliance on cloud computing and infrastructural activities, coupled with the augmenting acquisition of cloud services by many business operations, are the prominent drivers stimulating the growth of the global IT services market.  Also, many specialists exhibit that cloud computing projects to be one of the major innovations in the software future and represents a considerable proportion of the total working force, which is thereby fuelling the growth of the industry. Moreover, the key players are involved in introducing promising strategies, which include expansion, partnership, and collaboration to augment the market growth. For example, Tata Consultancy Services (TCS) in 2020 has raised its business operations in Austin, Texas, with the launch of a latest facility. The company, by 2022, plans to hire extra 130 new employees and to invest more than US$ 100 million in Austin in the next seven years. In 2020, Wipro announced the collaboration with Verifone in a multi-year contract to accelerate the agility across its (Verifone) cloud service offerings.

Besides the decrease in the demand for remote services, the widespread outbreak of coronavirus led to the expansion of IT services market share because users have become extra dependent on digital services due to the lockdown imposed across countries. However, as per the IT services market research, the higher cost associated with the licensing of IT solutions will restrain the market growth.

Regional Drivers

On the basis of regional coverage, North America is projected to expand at a higher CAGR over the forecast period. This is attributed mainly to the increasing adoption of these services in residential sectors. Also, the changes in the climatic conditions coupled with the agricultural escalation are promoting market growth. On the other edge, Europe is anticipated to witness a growth in CAGR over the forecast period owing to the rising acceptance of these services by the commercial sector.

IT Services Market’s leading Manufacturers:

·        Infosys

·        TOSHIBA CORPORATION

·        Microsoft

·        IBM Corporation

·        Cisco Systems Inc

·        Verizon

·        Tata Consultancy Services Limited

·        Hewlett Packard Enterprise Development LP

·        Dell Inc.

·        Citrix Systems, Inc.

IT Services Market Segmentation:

Segmentation by Service Type:

·        Professional Services

·        Managed Services

·        Telecom Services

Segmentation by Deployment Type:

·        On-Premises

·        Cloud

Segmentation by Organization Size:

·        Small and Medium Businesses

·        Enterprises

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company's large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird's eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.

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